What types of fees and conditions are prohibited under RESPA? Please respond in at least 3...
What types of fees and conditions are prohibited under RESPA? Please respond in at least 3 – 4 sentences.
Homework Answers
Answer-
The types of fees and conditions are prohibited under The Real Estate Settlement and Procedures Act (RESPA) are
Title Insurance Placement, referral fees and kickbacks to settlement service providers.
The RESPA prohibits any person from giving or accepting any
fee, kickback or thing of value in any written or oral agreement or
understanding with referral settlement service which involves a
federally related mortgage loan.
The realtors must avoid paying referral fees or giving
things that has value to any other settlement service providers
except for other real estate brokers in return for a
referral.
The RESPA prohibits a person from giving or accepting any
thing of value in exchange for the referral of settlement service
business.
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What types of fees and conditions are prohibited under RESPA?
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